S&P affirms Ingosstrakh

Standard & Poor's said it affirmed the BBB- long-term counterparty credit and the the ruAA+ Russia national scale ratings on Ingosstrakh Insurance Co.

The outlook is stable.

Ingosstrakh enjoys growing competitive advantages in the Russian Federation (foreign-currency BBB+/positive/A-2; local-currency A-/positive/A-2; Russia national scale rating ruAAA) through intensive growth of its personal lines portfolio and increasing diversification of business, according to S&P.

Ratings reflect the management team's track record and sustained level of operating performance, the agency said.

These strengths are offset by the company's marginal investment profile, its untested marginal financial flexibility, and high industry and country risks, S&P noted.

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